42% of those renting a home would like to buy it from their landlord if circumstances allowed, according to new research by ‘gradual homeownership’ provider Wayhome.
This increases to 45% of private renters compared to 38% of social tenants.
The nationally representative survey of 4,002 people, carried out by Opinium, found that interest peaks between the ages of 25 and 34, with more than half of tenants keen to buy the home they’re currently living in. This compares to 32% of those aged between 65 and 74, the age group least motivated to buy out their landlord.
Regionally, London sees the highest proportion of tenants keen to buy their current home at 53%. This is followed by those in Yorkshire and Humberside (46%) and those in the South East of England (44%). Those in the North East (30%) are least likely to want to buy their home.
There are several factors that drive the desire of tenants to buy out their landlord with the home’s location topping the list (51%). 50% say it’s because they ‘love’ the home and 38% say it’s because they don’t want the hassle of moving.
Meanwhile, 26% of homeowners say they would have considered buying the last home they rented, if it would have been possible at the time.
Nigel Purves, Wayhome CEO, said: “It is clear from this research that renters in the UK want to have more of a stake in their home. But with prices going up, mortgage affordability becomes more constrained than ever, which makes getting on the ladder an increasingly distant dream.
“Renting a home could effectively be like taking a car for an extended test-drive. Renters get under the skin of the property by living there and will soon know whether they’d like it as their long-term home. If it’s a home the tenant can afford to rent on an ongoing basis and the landlord is open to selling, surely there should be some way of helping to finance a deal with two willing parties?”